204 W 9th St

Salisbury, MO 65281

$6,080C-

2 bd · 1.0 ba · 1,008 sqft · Built 1960 · Other · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $795/mo
• Mortgage (P&I): −$32
• Tax + insurance: −$10
• HOA: −$0
• Vac / Maint / Mgmt: −$167
• Net cashflow: $586/mo
• Annual: $7,032/yr
• Cap rate: 121.96%
• Cash-on-cash: 413.09%
• DSCR: 19.38
• 1% rule: 13.08%
• Cash to close: $1,702

Investor read

• This is a 2-bed/1.0-bath other listed at $6k.
• At list price, monthly cash flow is $586 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($795 rent vs $6k).
• It's been on market 16 days — a 2% lower offer ($6k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $6k (1.5% below list) — sets the bar for market timing.
• In year one you build about $626 of equity ($42 loan paydown + $584 appreciation (9.6% local appreciation)).
• Location reads 65/100 on livability (#285 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, amenities F, commute F.
• Salisbury R-IV (rural): math 32% / reading 43% proficiency, ranked #186 of 324 in MO (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Salisbury Elem. (math 32% / reading 37%, grade F, #676 of 1,115 statewide, top 66%, 220 students, 46% FRL); Salisbury High (math 32% / reading 47%, grade F, #247 of 521 statewide, top 55%, 242 students, 41% FRL).
• Market conditions: 4 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 1 units permitted in Chariton County in 2024 (0 in 5+ unit buildings).
• Chariton County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.6% appreciation + 3.0% rent growth), your $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.